§ 27-15-13-3 — Voting of securities subject to acquisition

Indiana § 27-15-13-3

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 15: DEMUTUALIZATION OF MUTUAL INSURANCE
• Ch. 13: Initial Limits on Ownership of Shares

Text

A security that is:
(1) the subject of any agreement or arrangement regarding
acquisition; or
(2) held, acquired, or is to be acquired;
in contravention of this chapter or of an order of the commissioner,
may not be voted at any shareholders' meeting. Any action of
shareholders requiring the affirmative vote of a percentage of shares
may be taken as though the securities were not issued and outstanding.
However, no action taken at a meeting shall be invalidated by the
voting of those securities unless the action would materially affect
control of the former mutual or a person that owns or controls a
majority or all of the voting securities of the former mutual or unless
the courts of this state have so ordered.

Legislative History

As added by P.L.94-1999, SEC.3.